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I don't follow this stuff closely, so I'm clearly missing an important detail here: how can several different entities simultaneously have the ability to "easil
by ewjordan 9y ago
I don't follow this stuff closely, so I'm clearly missing an important detail here: how can several different entities simultaneously have the ability to "easily" control 51% of the hashrate?
- Tracist 9y agoI kind of think it is a little bit like this. Imagine a new sport called zoccer. It's just like regular soccer, but if a team scores 5 goals within the 90 minutes, they automatically win the match. Right now there are only a few small teams playing. But Nike has said they are willing to sponsor a tournament, if there is enough interest. At any point, Barcelona or Manchester United or Real Madrid or Chelsea or AC Milan or any other large soccer team team can just say "we are now a zoccer club" and swoop in take Nike's money. They all have the power to switch and dominate the new scene.
- EthanHeilman 9y agoBitcoin (BTC) and Bitcoin-cash (BCH) share the same Proof-of-Work (PoW) algorithm. Thus, mining power is split between these two networks. Most mining power is currently on the BTC, which means that it is at least possible that multiple miners on BTC have more than 51% of the mining power currently deployed on BCH.